-) Schermerhorn Co. estimates uncollectible accounts based on 4% of net credit sales during the company's...

  

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-) Schermerhorn Co. estimates uncollectible accounts based on 4% of net credit sales during the company's fiscal year. Information available for the current year is provided below. Allowance for uncollectible accounts, 1/1 Collection from customers whose accounts were previously written off Customer accounts written off as uncollectible during the current year Credit sales during the current year Sales returns and allowances during the current year Accounts receivable Allowance for uncollectible accounts Sales Sales returns and allowances $ REQUIRED: Determine the balance in the Allowance for Uncollectible Accounts at December 31st of the current year. Debit 116,000 2) The Pacific Company lists the following accounts on its year-end trial balance: 245,000 14,000 105,000 3,250,000 42,000 Credit 1,600 920,000 37,500 (a) The allowance for uncollectible accounts is estimated, at year end, at 5% of outstanding accounts receivable. REQUIRED: Determine the bad debt expense reported on the year-end income statement b) REQUIRED: Assume the Pacific Company estimates its uncollectible accounts at 1.5% of net sales. Determine the bad debt expense reported on the year-end income statement. The Atlantic Corporation prepares an aging of its accounts receivable at year-end and reports the following: [Assume all relevant accounts have normal balances.] Accounts receivable balance, 12/31 2189 03 Allowance for uncollectible accounts (12/31, unadjusted bal.) As per aging analysis, estimate of accounts expected to be uncollectible REQUIRED: (a) What amount should be reported as the net realizable value of accounts receivable on the year-end balance sheet? (b) Prepare the appropriate year-end adjusting entry for the bad debt expense. 2,920,000 126,000 220,000 -) Schermerhorn Co. estimates uncollectible accounts based on 4% of net credit sales during the company's fiscal year. Information available for the current year is provided below. Allowance for uncollectible accounts, 1/1 Collection from customers whose accounts were previously written off Customer accounts written off as uncollectible during the current year Credit sales during the current year Sales returns and allowances during the current year Accounts receivable Allowance for uncollectible accounts Sales Sales returns and allowances $ REQUIRED: Determine the balance in the Allowance for Uncollectible Accounts at December 31st of the current year. Debit 116,000 2) The Pacific Company lists the following accounts on its year-end trial balance: 245,000 14,000 105,000 3,250,000 42,000 Credit 1,600 920,000 37,500 (a) The allowance for uncollectible accounts is estimated, at year end, at 5% of outstanding accounts receivable. REQUIRED: Determine the bad debt expense reported on the year-end income statement b) REQUIRED: Assume the Pacific Company estimates its uncollectible accounts at 1.5% of net sales. Determine the bad debt expense reported on the year-end income statement. The Atlantic Corporation prepares an aging of its accounts receivable at year-end and reports the following: [Assume all relevant accounts have normal balances.] Accounts receivable balance, 12/31 2189 03 Allowance for uncollectible accounts (12/31, unadjusted bal.) As per aging analysis, estimate of accounts expected to be uncollectible REQUIRED: (a) What amount should be reported as the net realizable value of accounts receivable on the year-end balance sheet? (b) Prepare the appropriate year-end adjusting entry for the bad debt expense. 2,920,000 126,000 220,000

Answer rating: 100% (QA)

1 Net credit sales Credit sales Sales retuns and allowances 3250000 42000 3208000 Estimated uncollec... View the full answer